The Barings Crisis in Argentina: The role of exogenous European money market factors

摘要: The Barings crisis of 1890 was a wrenching financial crash and recession for Argentina. episode is similar in many respects to the balance payments difficulties emerging markets during 1990s. In particular, it serves as an example dangers investment that exogenous capital-importing, developing country, opposed driven by country-specific conditions. While some external factors, such competition among European merchant banks, have been examined their role pushing capital into South American nation, no paper has yet specific conditions money boom began. This fills gap. An examination variables reveals returns were low opportunities few England, which motivated leave country. situation resembles early 1990s, when interest rates USA Japan, went search higher compensation...